FEC Approves N158 Billion Contract for Dangote to Link Lekki Port to Shagamu-Benin Expressway

• The Federal Executive Council (FEC) has approved N158 billion contract for Dangote Industries
• The money is expected to be used to construct service lanes for the Lekki Deep Sea Port and the project is expected to extend through Epe to the Shagamu-Benin Expressway
• The initiative is part of the Federal Government's Road Infrastructure Development Fund and Refurbishment Investment Tax Credit Scheme

In a significant move aimed at bolstering Nigeria's infrastructure, the Federal Executive Council (FEC) has approved a contract worth N158 billion for the construction of service lanes for the Lekki Deep Sea Port.

This project will extend through Epe to the Shagamu-Benin Expressway, a critical artery for the nation's transportation network.

Bayo Onanuga, special adviser on information and strategy to President Bola Tinubu, announced the decision on X.

Read also

After $20 billion refinery, Dangote gets FG’s approval for another mega project, shares location

The statement reads:

“Highlights of decisions at the federal executive council meeting held on Monday, 23rd September, 2024. The council approved the N158 billion contract to construct service lanes for the Lekki Deep Sea Port through Epe to Shagamu-Benin Expressway. Dangote Industries will be awarded the contract under the Federal Government Road Infrastructure Development Fund and Refurbishment Investment Tax Credit Scheme.”

“The Council also approved the Economic Stabilisation Bills, which embody the recommendations of the Presidential Committee on Tax and Fiscal Policy Reforms set up last year by President Tinubu. The bills seek to amend the income tax laws, promote the export of goods and services, reform the exchange rate regime and unlock foreign exchange liquidity. One of the bills offers tax relief to companies that generate incremental employment. Another offers personal income relief to people in private and public employment, from N200,000 to N400,000.”

Read also

16 major projects, bills approved at FEC meeting to address nat'l challenges, details emerge

This development showed the government's commitment to enhancing the country's infrastructure through strategic partnerships with leading industrial players like Dangote Industries.

The project is expected to significantly improve connectivity and facilitate economic growth in the region.

See the full statement below:

Aliko Dangote calls out NNPC

Meanwhile, Legit.ng earlier reported that Aliko Dangote, Africa’s richest man and President of the Dangote Group, has called the Nigerian National Petroleum Company Limited (NNPC) decision to reduce investment in its crude oil refinery in Lagos a huge mistake.

Speaking during a Bloomberg Television interview in New York, Dangote confirmed that NNPCL has scaled down its ownership of his refinery from 20% to 7.2%.

Proofreading by James, Ojo Adakole, journalist and copy editing at Legit.ng.

Source: Legit.ng